Excess Returns

Cole Smead, Portfolio Manager at Smead Capital Management, offers sharp insights into the complexities of today’s markets. He discusses the dangers of fiscal largesse and inflation while challenging the myth of American exceptionalism. There's a deep dive into earnings quality, revealing troubling trends among U.S. corporations, and an analysis of passive investing's effects on market dynamics. Smead also contrasts the current AI boom to historical manias, emphasizing lessons from Buffett and Munger about evaluating companies and understanding investment risks.

Brent Schutte, the CIO of Northwestern Mutual, shares his extensive investing insights gained over 30 years. He discusses the dual mandates of the Fed, emphasizing the significance of inflation and unemployment. Brent highlights how tariffs are reshaping economic dynamics and the concentration risks posed by dominant market players. He reflects on lessons from past financial cycles and underscores the critical importance of diversification in today’s uncertain landscape, advocating for a cautious approach to both active and passive investing strategies.

Shawn Gibson, Co-founder and CIO of Liquid Strategies, and Eric McArdle, Co-founder and CEO, discuss the fascinating world of option-based strategies. They unpack the rapid rise of options in ETFs, highlighting the pitfalls of covered calls and the importance of risk management. The duo explores how to properly utilize overlays for income and protection, emphasizing the complexities of high-yield products. They also delve into innovative techniques like put spreads and interval funds, offering insights on balancing risk and enhancing portfolio performance.

Jim Paulsen, Chief Investment Strategist at Paulsen Perspectives, dives into the nuances of the economy and market dynamics. He discusses why recession fears might be overstated, despite slow GDP growth and employment challenges. Jim highlights the divergence in valuations between the S&P 500 and small/mid-cap firms and argues that inflation concerns could be overblown. He also offers insights on Federal Reserve policies, suggesting that easing could lead to a broader market recovery, as many companies remain undervalued.

Mike Philbrick, from Resolve Asset Management, shares his expertise on navigating today's unpredictable markets. He discusses why the classic 60/40 portfolio may be outdated and why assets like gold and Bitcoin are crucial for resilient investing. The conversation delves into psychological factors influencing investor behavior, the case for return stacking, and the shift in attitudes towards cryptocurrencies across generations. Mike also highlights the evolving regulatory landscape and how both gold and Bitcoin can complement traditional investments.

Join Jeff Chang from Vest Financial, where he crafts innovative investment strategies including popular buffer ETFs. He dives into how these ETFs offer downside protection while allowing upside participation, especially relevant after the challenges of 2022. Jeff discusses their mechanics, focusing on the first 10-15% of market drawdowns, and how behavioral finance plays a role in making hedging accessible. Discover the future of these strategies and their potential impact in the crypto space.

In a riveting discussion, Tobias Carlisle, author and host of Value After Hours, delves into the intricacies of market valuations and the ongoing struggle for value investing. He argues that today's market may be more overvalued than during historical peaks. Carlisle highlights the potential for mean reversion favoring small caps and value stocks despite an earnings recession. He also explores the transformative impact of AI, contrasts U.S. and Chinese markets, and discusses housing affordability challenges facing the economy.

Leigh Drogen, founder of StarKiller Capital, brings his expertise in crypto investing strategies, focusing on momentum and market dynamics. He discusses the evolution of cryptocurrency, comparing it to the tech transitions from Web1 to Web2. Drogen highlights the shifting role of Bitcoin and Ethereum, emphasizing the importance of systematic strategies for navigating volatility. With co-host Kai Wu, they delve into market-neutral DeFi approaches and the changing behavior of venture capitalists in the crypto landscape.

Aswath Damodaran, Professor of Finance at NYU and the 'Dean of Valuation,' shares his unique investment philosophy. He reveals why he avoids bonds in favor of equity appreciation and discusses the importance of lifecycle diversification. Aswath dives into risk management, position sizing, and when to cut losses or trim winners. He also touches on alternative assets, international exposure, and how personal values shape spending habits, all while balancing the art and science of investing.

In this engaging discussion, Nick Maggiulli, author of Just Keep Buying and The Wealth Ladder, introduces his six-level framework for building wealth. He tackles concepts like "grocery freedom" and the challenges of moving between wealth levels. Nick emphasizes that upward mobility is tricky, sharing strategies for increasing your net worth, from focusing on education to smart investing. He also addresses the risks of ego and the importance of diversification as wealth grows, offering listeners practical insights for financial success.